On january 2, bering co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. prepare the entries to record the disposal under each separate situation. the machine is sold for $18,250 cash. the machine is traded in for a new machine having a $60,200 cash price. a $25,000 trade-in allowance is received, and the balance is paid in cash. assume the asset exchange has commercial substance. the machine is traded in for a new machine having a $60,200 cash price. a $15,000 trade-in allowance is received, and the balance is paid in cash. assume the asset exchange has commercial substance.

The accounting entry under each condition is given below.

The machine is sold for $18,250 cash

Debit Cash Asset                              $ 18,250

Debit accumulated depreciation     $ 24,625

Debit Loss on disposal                     $    1,125

Credit Machine Cost                         $ 44,000

The machine is traded in for a new machine having a $60,200 cash price. A $25,000 trade-in allowance is received, and the balance is paid in cash.

Debit New Machine Asset                $ 60,200

Debit accumulated depreciation      $ 24,625

Credit profit on disposal                    $    5,625

Credit Machine Cost                          $ 44,000

Credit Cash Asset (60,200-25,000) $ 35,200

The machine is traded in for a new machine having a $60,200 cash price. A $15,000 trade-in allowance is received,

Debit New Machine Asset                  $ 60,200

Debit accumulated depreciation        $ 24,625

Debit loss on disposal                         $   4,375

Credit Machine Cost                           $ 44,000

Credit Cash Asset (60,200-15,000)   $ 45,200

y=mx+b

step-by-step explanation:

m is slope, b is y-intercept

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step-by-step explanation: